Approvals for home loans in Western Australia have risen by 10 per cent over the past 12 months, but the strong growth appears to be slowing down, according to economists.
Parts of the East Perth skyline will start to rival the height of the central city after Finbar Group secured planning approval for what will be Perth’s tallest apartment tower.
South Hedland’s first four-star hotel is due to open by the end of this year, after a Melbourne based developer said it will build most of the hotel off site to save time.
Finbar Group has gained planning approval for a new apartment project that combines a 38-level tower with restoration of two former ABC buildings on Adelaide Terrace.
The supply of apartments in Perth’s western suburbs will increase rapidly this year, with TRG Properties, Georgiou Living and Blackburne Property Group set to launch new projects during the next three months.
Blackburne Property Group has passed major development milestones on three of its projects, with the most significant being planning approval for what will be one of the largest apartment developments in Perth’s western suburbs.
Rising vacancies and falling rents in Perth’s CBD office market are putting tenants in prime position to score favourable deals, while the conditions could also result in potential bargains for institutional investors.
New hotel developments in Perth and Fremantle will add up to 2,500 rooms during the next five years, with this number potentially growing to more than 4,000 if several proposed projects go ahead.
The Environmental Protection Authority has rejected a bid to rezone land in Port Hedland which LandCorp had earmarked for its proposed $152 million Spoilbank Marina development.
Property investor and developer Aspen Group says it is likely to post a half-year loss of up to $72 million on the back of impairments on a number of its assets, including the Septimus Roe office tower in central Perth.
The head of property developer Stockland says there is no housing price bubble and Australia remains a cheap place to achieve the dream of home ownership.
SPECIAL REPORT: The state government’s efforts to boost housing affordability have resulted in an increase in diversity of housing options for those buying their first home, with developers saying Perth is coming of age as a modern city.
SPECIAL REPORT: Despite the state government’s best efforts, developers say bureaucracy is the main barrier to getting land to market in a timely fashion.
SPECIAL REPORT: Perth’s northern and southern fringes remain the hotbeds for residential land development, but short-term supply issues have hit the industry's ability to keep pace with a surge in demand.
Construction and development firm Diploma Group has been fined by the corporate watchdog for failing to comply with its continuous disclosure obligations.
Boutique development firm QUBE Property Group says the recent approval of a $20.5 million, seven-storey apartment project in West Leederville is a firm endorsement of the state government’s development assessment panels.
Owners of older office buildings in central Perth are struggling to find tenants, with the latest Office Market Report showing a widening gap between premium buildings and the rest of the market.
Perth has overtaken Sydney to record the most expensive residential land value per square metre of all major capital cities, fuelling concerns that land supply is not keeping up with market demand.
West Leederville is becoming a development hot spot, with Finbar Group entering a joint venture for a $90 million apartment project located near three new commercial buildings.
Western Australia's new home building sector rebounded from a slump in 2012 to record the highest number of private housing approvals since the property boom in 2006, according to new data.
Allegations the Construction, Forestry, Mining and Energy Union used coercion to prevent workers getting on site at a new children's hospital in Perth will be tested in court.
Potential home buyers have had a slight reprieve from high property prices in Perth with home values dropping slightly during the past month, new research says.
Investor confidence and demand for business premises will generate opportunities in the property sector in 2014, but it won’t be in the traditional high transaction area of office leasing.
